A compliance analyst examines a company’s activities to ensure that they comply with regulatory requirements as well as any voluntary standards and practices. Compliance analysts can also audit members of professional organizations to see if they meet the organization’s standards. If the analyst discovers issues, he or she makes recommendations for returning to compliance and staying there to avoid future problems.
To work as a compliance analyst, you’ll typically need a bachelor’s degree and three to five years of experience in the field. Banking, marketing, information technology, healthcare, law, and securities trading are all places where analysts work. The best degree for an analyst depends on where they want to work; for example, a health care compliance analyst must be familiar with healthcare regulations and may need to know about medical billing and coding practices.
A compliance analyst monitors and evaluates a company’s standards and practices on a regular basis. He or she may be able to assist the company in developing standards and guidelines to ensure compliance with government regulations, as well as suggest additional steps for compliance to ensure the highest level of performance. Interviewing employees, reviewing documentation, and attending trade shows to learn about new developments in the industry are all examples of this type of work.
If a compliance analyst notices something that could be a problem, he or she reports it and works on a solution. An analyst at a law firm, for example, may determine that advertising copy violates the regulatory restrictions on legal advertising. He or she can point out specific issues, suggest new copy, and offer guidelines for preventing future violations. Similarly, if an organization’s compliance analyst discovers that a member is not adhering to the organization’s behavioral standards for members, the compliance analyst can issue a warning and notify the organization.
This job necessitates exceptional attention and focusing abilities. Regulatory restrictions can be intricate and difficult to understand. A good compliance analyst must be knowledgeable about the laws, be aware of upcoming changes, and be able to spot anything that might be illegal, even if it appears nebulous or subtle. Experience counts, and an analyst with extensive industry knowledge and connections may be more employable and able to negotiate better pay and benefits. People who are already employed in a field but want to change careers to compliance analysis should consider returning to school for certification.